Loan application offers are flooding the cyber world. As I open my social networking account, I got greeted by an offer stating, “Personal Loans approved immediately! Only 1.7% interest rate. No background checking, bad credit accepted and no documents to submit.” It got me thinking, why would they lend money to people they are not even sure will pay them back? As curiosity prevailed, I checked out the website and discovered that for a person to be able to apply for a loan, he first needs to link his social networking sites to earn him enough points. He also needs to invite three members and he needs to be fully-employed. As I was reading their Terms and Conditions, I realized that their offer is in total contradiction to their regulation. Before you get your application approved, you will need to submit scanned copies of documents that prove you are employed and you are using your real name.
Be careful in dealing through the internet.
Offers such as this will make you want to avail of the service. Always consider that once you have typed in your personal information, it can be used or distributed to third parties. Third parties are other marketers who can and will bombard you with other offers. Before you know it, voila! Your inbox is full of spam emails or unsolicited emails. Next, let’s tackle scanned documents. You are not yet sure that your application will be approved, yet you are sending them important documents. These scanned documents can be used for fraudulent purposes if not unlawful acts.
Another online marketing strategy.
The way I see it, Online Loan Applications is another way for lending companies to get more visitors checking their website. They make the members invite a number of individuals to sign up and so on. Evidently, these lending companies make their members work for them without having to pay for marketing or advertising services. They earn and gain additional income by cutting their expenses. Contrary to their members who have their applications approved, aside from paying what they have borrowed, they also have to pay the interest rate, which they, unknowingly, should have earned.
Your social networking accounts should be used wisely.
Networking sites is where you connect with your family and friends in the cyber world. Going back to the Online Loan Terms, the administrators of these lending companies will be able to investigate on your reputation by interrogating your friends who are linked to your accounts. This means that there will be a breach of confidentiality and privacy of your friends. A lot of members on social network websites value their privacy which is the reason why some of them have their accounts in private settings.
Refrain from Online Loans today.
If you can, refrain from resorting to services of lending companies. Instead of borrowing, save what you can from your income. Personal/Payday Loans might be a quick fix with your money problems but it will only cause you more trouble in the long run. Payday/Personal Loans will solve your problem today but it will not give you financial freedom. The best solution to avoid any money problem in the future is by saving, so make sure to start saving today.